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Six-month bank loan moratorium | Daily Express Online

Six-month bank loan moratorium

Posted on: Tuesday, June 29, 2021

By: Bernama

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Without conditions, the government announced a moratorium on six-month bank loans for individuals in the B40, M40 and T20 groups as well as micro-entrepreneurs. or not a person had lost their job, no documents to submit to apply, ”Muhyiddin said. He informed that the only thing needed to activate the moratorium on loans was to apply and it will be approved automatically.

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“This facility is also open to SMEs concerned but subject to controls and approval by the bank,” he added. Moratorium requests will open on July 7. Meanwhile, Muhyiddin announced several initiatives to defer repayment of student loans. He said this would include repayments in four categories – the National Higher Education Fund Corporation (PTPTN), federal education loans from the Department of the Civil Service (PSD), education loans from Majlis Amanah Rakyat ( Mara) and loans from the Skills Development Fund Corporation (PTPK).

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He said PTPTN borrowers would benefit from a targeted three-month moratorium, while borrowers of federal PSD education loans could defer repayment of their loan and payment of claims for federal scholarships until. ‘at six months. “Third, the repayments of the Mara student loans will be deferred for three months, or a rescheduling of the loan repayment with monthly payments as low as RM100 for 12 months, and fourth, the deferral of the PTPK loans for three months.” Muhyiddin said the total value of this initiative is estimated at RM400 million, which would benefit 1.6 million people. The prime minister also announced that policyholders and takaful affected by the pandemic could request the postponement of payment of insurance premiums and takaful contributions until December 31, 2021. He said this membership initiative would cover insured and life insurance certificates, and family takaful certificates. “More than a million people are expected to benefit from this extension. The total value of bonuses and deferred contributions is estimated at 2.6 billion ringgit.